MADRID (Reuters) – Spanish holding vehicle Criteria will buy a 5% stake in French waste and water management company Veolia Environnement and have a representative on its board, it said on Tuesday.
At current market prices, the stake is worth around 1.06 billion euros ($1.11 billion).
Criteria said its stake in Veolia would not exceed 5.5%, adding it would remain in the French company’s capital for at least two years.
The move comes amid plans by the investment arm of the La Caixa foundation to boost the value of its portfolio by 13 billion euros by 2030.
($1 = 0.9535 euros)
(Reporting by David Latona; Additional reporting by Jesús Aguado; Editing by Kirsten Donovan)
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